30 day notice

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Federal Register / Vol. 85, No. 76 / Monday, April 20, 2020 / Notices

and (10) and 17 CFR 200.402(a)(3),
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and
(a)(10), permit consideration of the
scheduled matters at the closed meeting.
The subject matter of the closed
meeting will consist of the following
topic:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Resolution of litigation claims;
General counsel matter; and
Other matters relating to enforcement
proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting agenda items that
may consist of adjudicatory,
examination, litigation, or regulatory
matters.
CONTACT PERSON FOR MORE INFORMATION:
For further information; please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Dated: April 15, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020–08389 Filed 4–16–20; 11:15 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request

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Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 17a–22; SEC File No. 270–202,
OMB Control No. 3235–0196
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 17a–22 (17 CFR 240.17a–22) under
the Securities Exchange Act of 1934
(‘‘Exchange Act’’) (15 U.S.C. 78a et seq.).
Rule 17a–22 requires all registered
clearing agencies to file with the
Commission three copies of all materials
they issue or make generally available to
their participants or other entities with
which they have a significant
relationship, such as pledges, transfer
agents, or self-regulatory organizations.
Such materials include manuals,
notices, circulars, bulletins, lists, and

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periodicals. The filings with the
Commission must be made within ten
days after the materials are issued or
made generally available. When the
Commission is not the clearing agency’s
appropriate regulatory agency, the
clearing agency must file one copy of
the material with its appropriate
regulatory agency.
The Commission is responsible for
overseeing clearing agencies and uses
the information filed pursuant to Rule
17a–22 to determine whether a clearing
agency is implementing procedural or
policy changes. The information filed
aides the Commission in determining
whether such changes are consistent
with the purposes of Section 17A of the
Exchange Act. Also, the Commission
uses the information to determine
whether a clearing agency has changed
its rules without reporting the actual or
prospective change to the Commission
as required under Section 19(b) of the
Exchange Act.
The respondents to Rule 17a–22 are
registered clearing agencies. The
frequency of filings made by clearing
agencies pursuant to Rule 17a–22 varies
but on average there are approximately
120 filings per year per active clearing
agency. There are nine registered
clearing agencies, but only seven active
registered clearing agencies are expected
to submit filings pursuant to the rule.
The Commission staff estimates that
each response requires approximately
.25 hours (fifteen minutes), which
represents the time it takes for a staff
person at the clearing agency to
properly identify a document subject to
the rule, print and make copies, and
mail that document to the Commission.
Thus, the total annual burden for all
active clearing agencies is
approximately 210 hours (7 clearing
agencies multiplied by 120 filings per
clearing agency multiplied by .25).
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
The public may view background
documentation for this information
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to (i) www.reginfo.gov/public/do/
PRAMain and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission, c/
o Cynthia Roscoe, 100 F Street NE,

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Washington, DC 20549, or by sending an
email to: [email protected].
Dated: April 15, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–08336 Filed 4–17–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Extension:
Rule 102; SEC File No. 270–409, OMB
Control No. 3235–0467

Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for approval of
extension of the previously approved
collection of information provided for in
Rule 102 of Regulation M (17 CFR
242.102), under the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.).
Rule 102 prohibits distribution
participants, issuers, and selling
security holders from purchasing
activities at specified times during a
distribution of securities. Persons
otherwise covered by this rule may seek
to use several applicable exceptions
such as an exclusion for actively traded
reference securities and the
maintenance of policies regarding
information barriers between their
affiliates.
There are approximately 955
respondents per year that require an
aggregate total of 1,855 hours to comply
with this rule. Each respondent makes
an estimated 1 annual response. Each
response takes on average
approximately 1.942 hours to complete.
Thus, the total compliance burden per
year is 1,855 burden hours. The total
internal compliance cost for all
respondents is approximately
$129,850.00, resulting in an internal
cost of compliance per respondent of
approximately $135.97 (i.e.,
$129,850.00/955 respondents).
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
The public may view background
documentation for this information

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Federal Register / Vol. 85, No. 76 / Monday, April 20, 2020 / Notices
collection at the following website:
www.reginfo.gov. Find this particular
information collection by selecting
‘‘Currently under 30-day Review—Open
for Public Comments’’ or by using the
search function. Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to (i) www.reginfo.gov/public/do/
PRAMain and (ii) David Bottom,
Director/Chief Information Officer,
Securities and Exchange Commission, c/
o Cynthia Roscoe, 100 F Street NE,
Washington, DC 20549, or by sending an
email to: [email protected].
Dated: April 15, 2020.
J. Matthew DeLesDernier,
Assistant Secretary.

(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change, Security-Based
Swap Submission, or Advance Notice

[FR Doc. 2020–08337 Filed 4–17–20; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88633; File No. SR–ICC–
2020–006]

Self-Regulatory Organizations; ICE
Clear Credit LLC; Notice of Filing of
Proposed Rule Change, SecurityBased Swap Submission, or Advance
Notice Relating to ICC’s Treasury
Operations Policies and Procedures
April 14, 2020.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 1 and
Rule 19b–4 2 notice is hereby given that
on April 8, 2020, ICE Clear Credit LLC
(‘‘ICC’’) filed with the Securities and
Exchange Commission the proposed
rule change, security-based swap
submission, or advance notice as
described in Items I, II and III below,
which Items have been prepared by ICC.
The Commission is publishing this
notice to solicit comments on the
proposed rule change, security-based
swap submission, or advance notice
from interested persons.

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I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change, Security-Based Swap
Submission, or Advance Notice
The principal purpose of the
proposed rule change is to revise the
ICC Treasury Operations Policies and
Procedures (‘‘Treasury Policy’’). These
revisions do not require any changes to
the ICC Clearing Rules (the ‘‘Rules’’).
1 15
2 17

U.S.C. 78s(b)(1).
CFR 240.19b–4.

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II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change, Security-Based
Swap Submission, or Advance Notice
In its filing with the Commission, ICC
included statements concerning the
purpose of and basis for the proposed
rule change, security-based swap
submission, or advance notice and
discussed any comments it received on
the proposed rule change, securitybased swap submission, or advance
notice. The text of these statements may
be examined at the places specified in
Item IV below. ICC has prepared
summaries, set forth in sections (A), (B),
and (C) below, of the most significant
aspects of these statements.

(a) Purpose
ICC proposes to revise its Treasury
Policy. Specifically, ICC proposes
clarification changes related to ICC’s
approval process for new banking
relationships, ICC’s minimum criteria
applicable to settlement banks, and
ICC’s backup settlement banks. ICC
believes that such revisions will
facilitate the prompt and accurate
clearance and settlement of securities
transactions and derivative agreements,
contracts, and transactions for which it
is responsible. ICC proposes to make
such changes effective following
Commission approval of the proposed
rule change. The proposed revisions are
described in detail as follows.
ICC proposes amendments to the
‘‘Direct Settlement’’ section of the ICC
Treasury Policy. With respect to
banking relationships, ICC proposes to
clarify that approval of the Credit
Review Subcommittee of the Participant
Review Committee (‘‘CRS’’) is required
before ICC may begin using the bank’s
services. The CRS is comprised of ICC
staff, including the ICC President, ICC
Chief Operating Officer, and
representatives from various
departments, and is tasked with
counterparty review responsibilities.
Further, ICC proposes to set forth the
minimum criteria applicable to ICC’s
settlement banks in the Treasury Policy,
which includes criteria related to
regulation and supervision, completion
of required documentation to allow ICC
to assess financial stability and credit/
counterparty risk, and operational
capability, among others. With respect
to settlement banks, ICC maintains one
primary banking relationship and two
backup banking relationships.
Currently, the Treasury Policy notes

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ICC’s primary banking relationship and
one backup banking relationship. The
proposed changes incorporate reference
to the second backup banking
relationship, which was inadvertently
excluded and does not represent a new
banking relationship.
(b) Statutory Basis
Section 17A(b)(3)(F) of the Act 3
requires, among other things, that the
rules of a clearing agency be designed to
promote the prompt and accurate
clearance and settlement of securities
transactions, and to the extent
applicable, derivative agreements,
contracts and transactions; to assure the
safeguarding of securities and funds
which are in the custody or control of
the clearing agency or for which it is
responsible; and to comply with the
provisions of the Act and the rules and
regulations thereunder. ICC believes
that the proposed rule change is
consistent with the requirements of the
Act and the rules and regulations
thereunder applicable to ICC, in
particular, to Section 17(A)(b)(3)(F),4
because ICC believes that the proposed
rule change will promote the prompt
and accurate clearance and settlement of
securities transactions, derivatives
agreements, contracts, and transactions,
and contribute to the safeguarding of
securities and funds associated with
security-based swap transactions in
ICC’s custody or control, or for which
ICC is responsible. The proposed
changes clarify ICC’s approval process
for new banking relationships, ICC’s
minimum criteria for its settlement
banks, and ICC’s backup settlement
banks. The clarifications related to the
approval process for new banking
relationships and the minimum criteria
for ICC’s settlement banks ensure that
ICC has clear and comprehensive
procedures for approving new banking
relationships and is following its
process for review and approval of new
banking relationships. The
incorporation of the second backup
banking relationship corrects an
omission to ensure that ICC’s policies
and procedures clearly and accurately
document ICC’s banking relationships.
The proposed updates thus ensure that
the documentation of ICC’s Treasury
Policy remains up-to-date, transparent,
and focused on clearly articulating the
policies and procedures used to support
ICC’s treasury functions, which
promotes the prompt and accurate
clearance and settlement of securities
transactions, derivatives agreements,
contracts, and transactions and
3 15

U.S.C. 78q–1(b)(3)(F).

4 Id.

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